Rep. Bill Posey, R-Fla., has written a letter to Treasury Secretary Jack Lew questioning regulations that would require U.S. banks and credit unions to collect and report information on nonresident aliens, urging him to cease enforcement of the Foreign Accounting Tax Compliance Act, or FATCA, and stop negotiating intergovernmental agreements with other countries for FATCA enforcement.
Posey, who is a member of the House Financial Services Committee, wrote to Lew on Monday to express his concerns about the intergovernmental agreements, which the Treasury has been negotiating with other countries as part of its efforts to implement FATCA.
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